Section 58-29D-31 - [Effective 1/1/2025] Grounds for denial, suspension, or revocation of license or registration The application or annual renewal must be denied and the license or registration of an administrator must be suspended or revoked if the director finds that the administrator or applicant:
(1) Is in an unsound financial condition;(2) Is using methods or practices in the conduct of its business so as to render its further transaction of business in this state hazardous or injurious to insured persons or the public;(3) Has failed to pay any judgment rendered against it in this state within sixty days after the judgment has become final;(4) Has violated any lawful rule or order of the director, or any provision of the insurance laws of this state;(5) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers has refused to give information with respect to its affairs or has refused to perform any other legal obligation as to the examination, if required by the director;(6) Has, without just cause, refused to pay proper claims or perform services arising under its contracts or has, without just cause, caused covered individuals to accept less than the amount due them or caused covered individuals to employ attorneys or bring suit against the administrator to secure full payment or settlement of the claims;(7) Is affiliated with or under the same general management or interlocking directorate or ownership as another administrator or insurer, which unlawfully transacts business in this state without having a license;(8) At any time fails to meet any qualification for which issuance of the certificate could have been refused had such failure then existed and been known to the Division of Insurance;(9) Has been convicted of, or has entered a plea of guilty or nolo contendere to, a felony, without regard to whether adjudication was withheld;(10) Is under suspension or revocation in another state;(11) Has supplied false information to the director;(12) Has engaged in a discriminatory act, as described in § 58-29E-15; or(13) Has engaged in an unfair act or deceptive practice, as described in § 58-33-135.SL 1992, ch 352, § 31; SL 2001, ch 285, §5; SL 2013, ch 253, §3.Amended by S.L. 2024, ch. 203,s. 1, eff. 1/1/2025.This section is set out more than once due to postponed, multiple, or conflicting amendments.